Posts Tagged ‘IRS compliance’

Obama’s Efforts to Eliminate Loopholes and Bolster IRS Compliance Fall Short of Closing Tax Gap

Tuesday, March 31st, 2009

Bloomberg News columnist John M. Berry makes some interesting points regarding President Obama’s new task force created to close the tax gap by focusing on closing loopholes, streamlining tax code and generating revenue.
“It may not accomplish much,” he says.
Highlights from the article include:
With April 15 fast approaching, stronger enforcement and a lot more resources for the Internal Revenue Service should head the administration’s to-do list.
The tax code could be undoubtedly
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Posted in Tax news and tips | 1 Comment »

Obama Budget Proposal Starts to Address the Tax Gap and Bolster IRS Compliance

Wednesday, March 25th, 2009

I’ve blogged before about how closing the tax gap could help fund deficit reduction activities. And the White House is definitely searching for new tax revenues. Plans are underway to create a task force that will be looking to end corporate loopholes and bolster IRS enforcement.
The Wall Street Journal reports:
Mr. Obama’s budget proposal began the process of addressing problems such as the tax gap, the difference between taxes owed and
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Posted in Tax news and tips | 2 Comments »

Geitner and Daschle Tax Scandals May Lead to Tougher IRS Compliance Initiatives

Thursday, February 5th, 2009

It is a known fact that 1 in 6 (or about 16%) of the taxpaying public have tax problems.  Given the current state of the economy, I expect that rate to increase significantly.  It’s not surprising that high profile people have tax problems too. As a matter of fact, it is not uncommon for high income earners to have issues with the IRS.
Unfortunately, the Obama Administration may be sending the
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Posted in Tax news and tips | 3 Comments »